Objectives and Statements

Objectives, Strategies, and TacticsDecision making is a key aspect to any business. To pick the best decision for any situation you would need to know what your goal is, your reason, objectives, strategies and tactics. Objectives, strategies, and tactics are crucial to a business’s success. The main difference between those three terms are that objectives are medium-long term targets, strategies are long term objectives, and tactics are short term objectives. Objectives give a sense of direction, unity, and purpose. They play a big role in forming the foundation for companies in the decision making process. Objectives can be communicated through mission statements. Strategies and tactics both refer to a plan or scheme but strategies are long term plans that will have significant consequences while tactics are short term and may be less significant in comparison to strategies.

Mission and Vision StatementsThe main difference between mission and vision statements are the mission statements communicate where a company is now while vision statements communicate where it wishes to be in the future. Vision statements are often more abstract and less direct than a mission statements and mission statements can vary from being very simple to very complex.

Coca-Cola Company:

Mission- To refresh the world- To inspire moments of happiness and optimism- To create value and make a difference

VisionPeople: Be a great place to work where people are inspired to be the best they can be.Portfolio: Bring to the world a portfolio of quality beverage brands that anticipate and satisfy people's desires and needs.Partners: Nurture a winning network of customers and suppliers, together we create mutual, enduring value.Planet: Be a responsible citizen that makes a difference by helping build and support sustainable communities.Profit: Maximize long-term return to shareowners while being mindful of our overall responsibilities.Productivity: Be a highly effective, lean and fast-moving organization.

I thought that the vision statement points were more in depth and detail in comparison to their mission statement points when it should've been the other way around. The mission statement was more abstract and broad whereas the vision statement was more clear and direct. Both statements somewhat communicated what their goal is for the future and where the company is at now and I thought that both statements together did portray what the company was trying to achieve.

ObjectivesThe main objectives for the Coca-Cola Company are to be globally known as a business that conducts business responsibility and ethically and to accelerate sustainable growth to operate in tomorrow's world. By having these objectives, it forms the foundation for companies in the decision making process.

Strategies and TacticsThe Coca-Cola company aims to be globally known, they do this by targeting different areas across the globe with different products, gaining their brand name and popularity. All the bottling partners work closely with their customers such as convenience stores, grocery stores, movie theaters and street vendors to create and use localized strategies developed in partnership with the Company. Their competition with other beverage companies are also narrowed down as they own various brands that could be possible competition. For example, the company sells Coke without the competition of other popular soft drink brands like Sprite and Fanta because the company owns those brands as well. The company often reviews and evaluates their business plans and performance to improve their earnings and analyze their competitive position in the market. They make decisions in realigning their business models to match the objectives of the company by using strategies and tactics in the analysis of their performance. · Analyse the role of your company’s mission or vision statement [9 marks]